Digital Innovation and Financial Literacy Are the Foundations of a Sustainable Economy
Digital Innovation and Financial Literacy Are the Foundations of a Sustainable Economy

Author(s): Neven Šipić, Dijana Vuković, Fani Kerum
Subject(s): Social Sciences
Published by: Udruženje ekonomista i menadžera Balkana
Keywords: Digital innovation; Financial literacy; Sustainable economy
Summary/Abstract: In modern society, financial literacy and digital innovation are becoming increasingly important for creating a sustainable economy. As technology evolves rapidly, understanding basic financial concepts and being able to manage one’s finances are becoming crucial for individuals and communities. This paper investigates the role of these elements on a sample of 642 respondents of different ages, to define their influence on sustainable economic development. The results show that financial literacy is essential for individuals in managing their own finances, which affects their ability to make informed decisions. Respondents who had a better understanding of basic financial concepts had a greater tendency to adopt digital tools, which enabled them to manage resources more efficiently. Also, research has shown that digital innovations, such as mobile applications for financial management and online investment platforms, play a significant role in fostering financial literacy. Connecting digital solutions with financial knowledge creates a synergy that can contribute to sustainable development through increased economic stability and responsible management of resources.

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